AUTOINFO REPORTS FOURTH QUARTER AND FISCAL 1992 RESULTS
MAYWOOD, N.J., June 25 /PRNewswire/ -- AutoInfo, Inc. (NASDAQ: AUTO) announced today that net income before extraordinary item for the fourth quarter ended May 31, 1992, was $351,000 or $.05 per share, compared to $422,000 or $.06 per share, for the fourth quarter of fiscal 1991.
Utilization of net operating loss carryforwards of $234,000, or $.03 per share, resulted in net income of $655,000, or $.09 per share, for last year's fourth quarter as compared to net income of $351,000 in the current period. The company's net operating loss carryforwards were fully utilized in the first quarter of fiscal 1992. Revenue increased 59 percent to $4,290,000 from $2,527,000 in the fourth quarter last year.
President Martin Rubin said that revenue and earnings from the company's Orion satellite communications network and sales of Checkmate workstations set new records in the fourth quarter. He said that COMPASS, acquired in October 1991, and the NAC/AutoInfo joint venture established in December 1991, together roughly broke even for the period. He added that 17 cities are now on-line in the company's parts locator program with Automatic Data Processing (NYSE: AUD).
"Pretax earnings doubled and revenue rose 15 percent for the fourth quarter compared to the third quarter, the result of improved performance by each of the company's businesses," Rubin said. "Unlike the third quarter, no new businesses were acquired by the company in the fourth quarter, so these gains in revenue and earnings were especially significant. We believe the momentum established in the second half will continue into the new fiscal year," he said.
For the 12 months ended May 31, 1992, net income was $1,220,000, or $.17 per share, including $134,000, or $.02 per share, attributable to the utilization of net operating loss carryforwards, compared to net income of $2,403,000, or $.33 per share for fiscal 1991, including $830,000, or $.11 per share, attributable to the utilization of net operating carryforwards. Revenue was $13,339,000 compared to $9,624,000 for the prior year.
AutoInfo provides communications and computer services to more than 3,000 auto parts salvage dealers in 50 states and 10 Canadian provinces. Orion is a satellite communications network that provides salvage yard dealers and major automobile insurance companies with information on the availability of used automobile parts.
AUTOINFO, INC.
Summary Financial Data (unaudited)
Three months ended May 31 1992 1991
Revenues $4,289,941 $2,526,927
Net income before taxes 501,581 702,856
Provision for income taxes 150,632 281,142
Net income before extraordinary item 350,949 421,714
Extraordinary item:
Utilization of net operating
loss carryforwards -- 233,719
Net income 350,949 655,433
Net income per share:
Income before extraordinary item $.05 $.06
Extraordinary item -- .03
Total .05 .09
Weighted average number of
shares outstanding 7,361,404 7,241,100
Fiscal year ended May 31 1992 1991
Revenues $13,339,130 $9,624,312
Net income before taxes 1,725,449 2,621,436
Provision for income taxes 640,180 1,048,574
Net income before extraordinary item 1,085,269 1,572,862
Extraordinary item:
Utilization of net operating
loss carryforwards 134,277 830,151
Net income 1,219,546 2,403,013
Net income per share:
Income before extraordinary $.15 $.22
Extraordinary item .02 .11
Total .17 .33
Weighted average number of
shares outstanding 7,319,720 7,241,000
-0- 6/25/92 R
/CONTACT: Scott Zecher of AutoInfo, 201-712-0020, or Neil G. Berkman of Neil G. Berkman Associates, 310-277-5162, for AutoInfo/
(AUTO) CO: AutoInfo, Inc. ST: New Jersey IN: AUT SU: ERN

GK -- NY031R -- 3731 06/25/92 11:31 EDT

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